Many businesses choose to trade under names that are different from the actual names of the business operators. Business names can be used by sole traders, partnerships, and companies. This section provides an overview of what business names are, how they can work for you, and how to register a business name with the Grenada Financial Regulatory Commission (GFRC).
What is a business name and do I need one?
A ‘business name’, sometimes known as a ‘trading name’ is a name under which a business operator conducts their business. For example, if a company is called ABC Limited, they might actually trade under the name Port Vila Bakery. Another example is a sole trader called Nelmah Smith running a plumbing company called ‘Blocked Drain Busters’.
Any business operator that is trading under a name that is not their own must register a business name with the Grenada Financial Regulatory Commission (GFRC) unless they fall under an exception.
You do not have to register a business name when undertaking a business when:
➣ For individuals – you are using your surname with or without your first name or initials
➣ For firms, partnerships, or groups – you are using surnames of all partners (with or without first names or initials) and company names of all corporate partners
➣ For companies – you are using the full company name (including the word Limited or Ltd).
If you do not fit within the above, you must register a business name if running a business using a name other than your actual name. You can reserve and register a business name through the Registry Services. If you trade under a business name without validly registering it, then you could be liable for a penalty. A court can also impose further conditions.
Why have business names?
Business names are often used to help businesses inform the public about what they do or for marketing purposes. It is also often used by business operators that have more than one business and they wish to make it easier for people to differentiate between them.
Whether you wish to use a business name will depend on your individual circumstances.
What business names can you use?
Most business names can be used in Grenada. However, there are some exceptions for names that cannot be used.
A proposed business name will be refused if it is identical (or similar enough to deceive or mislead) to a:
➣ Company name
➣ Business name registered in the past five years, or
➣ Reserved business name.
Other grounds for refusal are where the proposed name:
➣ Suggests a connection with government or other public bodies
➣ Contains the word ‘co-operative’ or ‘building society’, or
➣ The Registrar otherwise decides the name is undesirable.
Applying for a business name
There are two main ways to register a business name:
1. Reserve a business name and then apply for the name at a later stage, or
2. Apply directly for the name.
It is quicker and cheaper for you to apply directly for the business name.
Reserving a Business Name
You are able to put a business name on hold for six months ahead of applying to register the business name. After this time, you must either give up the name or reserve the name again. However, you should note that you may only reserve a proposed business name twice over a five-year period.
Reservation is easily done online.
The fee for reserving a business name is. Please note that if you go on to register the business name an additional fee will be payable.
Registering a Business Name
Registering a business name is simple and can be done easily online.
The fee for registering a business name if done online and using the paper form or via email.
If you are unsuccessful in registering a business name there is no fee if done online and if you used the paper form or email.
Obligations for business name holders
If you use a business name, then there are a number of simple things that you need to do. You must:
➣ Display your business name certificate at the place of business,
➣ Put your actual name on written documents associated with the business (e.g., invoices, receipts, demands for debts), and
➣ Renew your registration every year.
Renewing your registration
Renewing your business name is important so that your details are up to date and the Grenada Financial Regulatory Commission (GFRC) knows that you are still trading under a business name. Renewing your business name provides you with further protection against others who may attempt to trade using your business’ goodwill and reputation. It also means that older names that are not being used anymore can be used by new businesses.
You are required to renew your business name within the ‘anniversary period’.
What is the anniversary period?
The anniversary period is the same month as the month you first registered your business name.
For example, if you registered a business name on 23 July 2015, you can renew the name anywhere between 1 July and 31 July 2016. You must renew the name every year during these dates.
Renewing a business name is simple and can be done rapidly online, or if necessary, by paper.
The fee for renewing a business name is.
Late renewal
If you renew your business name during the two months after the anniversary period then you must pay a penalty if applying online or if using the paper application or email. Please note that this is in addition to the usual renewal fee. Further information about fees is found here.
If you do not renew your business name within the two month period then your business name will expire. If you later want to use the business name again you must re-apply to use it. Please note that if you trade under an expired business name then you could possibly open yourself up to severe penalties.
Learn about Charitable associations
What is a charitable association?
Charitable associations are an important part of the community in Grenada. They provide a number of services and benefits to the community. Charitable associations must be for ‘charitable purposes’. These include the following purposes:
➣ religious
➣ educational
➣ cultural
➣ scientific
➣ sports
➣ general social welfare, or
➣ another non-profit purpose declared by Minister.
Recognizing the public good that charitable associations do, there are special laws that enable charitable associations to incorporate their committees. Incorporating committees provides charities with many of the same benefits enjoyed by companies. In particular, when a committee is incorporated, the committee may:
➣ hold assets (e.g., equipment or land)
➣ hold and incur liabilities
➣ enter into contracts (subject to certain restrictions).
There are a number of reasons why a charitable association may wish to incorporate its committee. Whether it is right for your charity will depend on your circumstances. You should seek legal advice before incorporating.
Incorporating a charitable association committee
You can incorporate a charitable association committee online either on your computer or at a Grenada Financial Regulatory Commission (GFRC) kiosk, or if necessary, by paper.
To incorporate a committee, the following information must be given in the prescribed form:
➣ the name of the committee
➣ the names, addresses, and occupations of the committee members
➣ the registered office of the committee
➣ the objects of the association
➣ a certified copy of the articles/rules/constitution of the association, and
➣ a statement of assets and liabilities.
There is a fee for incorporating a charitable association committee, the details for which can be found on the GFRC's official website or contact point.
Annual Reporting
An incorporated committee must provide an annual report to the Grenada Financial Regulatory Commission (GFRC) within three months of the anniversary of the incorporation of the committee. This means, for example, that a committee incorporated on 1 July 2015 must provide its annual report by 1 October 2016.
The annual report outlines the activities and other details of the charitable association over the previous 12 months. Further information about the annual report can be found on the GFRC's official website or contact point.
The fee for submitting an annual report is calculated in the local currency equivalent to the fee structure provided by the GFRC.
If a committee does not provide its annual return within one month of the reporting timeframe, then the Registrar may issue a notice requiring the committee to provide the report. If the committee continues to not provide the annual report, then it can be dissolved on orders of the Registrar after the final notice is given.
The fine for failing to file an annual report will be determined according to the local regulations and currency equivalent to the fee structure set by the GFRC.